v3.26.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted

The assumptions that the Company used to determine the grant-date fair value of options granted were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Expected volatility

 

73%

 

 

65%

 

Risk-free interest rate

 

3.71% — 3.94%

 

 

4.03% — 4.52%

 

Expected term (in years)

 

6

 

 

6

 

Expected dividend yield

 

 

 

 

 

 

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2026 is as follows:

 

(in thousands, except share and per share data)

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining Life
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding January 1, 2026

 

 

9,911,043

 

 

$

17.92

 

 

 

8.2

 

 

$

52,782

 

Granted

 

 

2,852,570

 

 

 

16.03

 

 

 

 

 

 

 

Exercised

 

 

(88,932

)

 

 

14.74

 

 

 

 

 

 

 

Forfeitures

 

 

(149,713

)

 

 

20.50

 

 

 

 

 

 

 

Outstanding March 31, 2026

 

 

12,524,968

 

 

$

17.48

 

 

 

8.4

 

 

$

49,382

 

Options exercisable— March 31, 2026

 

 

3,973,707

 

 

$

18.14

 

 

 

6.7

 

 

$

16,886

 

Options vested or expected to vest— March 31, 2026

 

 

12,524,968

 

 

$

17.48

 

 

 

8.4

 

 

$

49,382

 

Summary of RSU Activity A summary of the Company’s RSU activity and related information for the three months ended March 31, 2026 is as follows:

 

 

 

Number of Shares Underlying RSUs

 

 

Weighted
Average
Grant Date Fair Value

 

Issued and unvested as of January 1, 2026

 

 

2,438,316

 

 

$

20.21

 

Granted

 

 

2,431,699

 

 

 

16.01

 

Vested

 

 

(161,857

)

 

 

21.91

 

Forfeited

 

 

(69,533

)

 

 

17.55

 

Issued and unvested as of March 31, 2026

 

 

4,638,625

 

 

$

18.11

 

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:

 

 

Three Months Ended March 31,

 

(in thousands)

2026

 

 

2025

 

Research and development

$

6,900

 

 

$

8,191

 

General and administrative

 

6,181

 

 

 

4,829

 

Total

$

13,081

 

 

$

13,020